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Vol 21 No 11 Nov/Dec 2016

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Petroleum Contracts: English Law and Practice 2nd ed


ISBN13: 9780198723998
Previous Edition ISBN: 9780199659784
Published: July 2016
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £245.00



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In response to the primacy of English law as the lingua franca governing petroleum transactions, and the increased global demand for new sources of oil and gas, this fully updated new edition analyses the application of English law to contracts for project investment, financing, and development.

This work is a stand-alone practical guide on the application of English law to petroleum contracts, and provides a detailed and scholarly level of analysis, with reference to all relevant contracts and case law. Beginning with an introduction to the English legal system and the law of general contract, the author goes on to distinguish those characteristics that set petroleum contracts apart from others, including distinction between upstream, midstream, and downstream agreements.

The contracts considered include those for the financing, management, sale, purchase and exchange of petroleum assets and interests (collectively called interest contracts), and contracts for the management, sale, purchase and exchange of petroleum quantities and petroleum storage, transportation and capacities (collectively called commodity contracts). Subsequent chapters introduce preliminary petroleum contracts and the obligation to negotiate, conditions precedent and subsequent, joint ventures, and the involvement third parties and the implications for privity in this context.

Breaches and doctrines triggered by the impossibility of performance are set out in detail, alongside legal advice on damages, termination, liability allocation and equitable remedies. All relevant provisions are analysed in a final chapter of miscellaneous analysis, ensuring a truly comprehensive treatment of the sector.

This new edition has been updated with new chapters on contract architecture and related issues and new sections on the Limitation Act and tolling, further assurances, quantum meruit and estoppel. Chapters have been updated in light of key cases on good faith and relational contracts, fiduciary duties and consequential loss recognitions, amongst others.

As English law continues to grow in international importance, this is a key text for practitioners in a number of jurisdictions who are looking to draft contracts or handle international transactions under the umbrella of English law.

Subjects:
Energy and Natural Resources Law
Contents:
Preface
1: English Law and Practice
2: Contract Architecture and Interpretation
3: Petroleum Contracts
4: Preliminary Contracts
5: Conditional Contracts
6: Parties, Third Parties, Joint Ventures and Partnerships
7: Equitable Rights and Remedies
8: Commodity Sales Contracts
9: Collateral Support and Security Interests
10: Impossibility and Impracticability of Performance
11: Damages for Breach of Contract
12: Termination
13: Liability Allocation
14: Transfers of Interests
15: Law and Disputes
16: The Boilerplate